Global Innovative Launches Joint Venture Targeting Casino Developments in Macau
Global Innovative Systems Inc. (OTCBB: GBSY) announced today that its wholly owned subsidiary, Tech Team Investment Limited ("Tech Team"), has formed a joint venture with Proficiency Macau Construction Company Limited ("Proficiency") to capitalize on casino development projects in Macau.
Pursuant to a joint venture agreement between Tech Team and Proficiency, Pro Shing Construction Team Macau Limited ("Pro Shing"), the new joint venture company, is owned 80% by Tech Team and 20% by Proficiency.
"We are very pleased to form this joint venture with Proficiency," said Bondy Tan, President and Chief Executive Officer of Global Innovative. "Proficiency brings expertise in engineering, construction and project management, as well as a strong reputation for providing quality work within major new development projects. Tech Team brings proven expertise in the design and build of customized energy savings solutions, as well as strengths in the design and supply of LED and other advanced lighting systems."
Continued Mr. Tan, "The strengths and expertise brought together by Proficiency and Tech Team extend each other's service offerings to create a powerful service platform which will enable Pro Shing to attract new clients, particularly the many new casino projects planned and underway in Macau. Pro Shing offers a comprehensive range of design and build services for major development projects, from site foundation construction, to building construction, through to fitting-out work which includes innovative energy savings and lighting systems. We are excited about the Pro Shing joint venture and how it immediately enhances our ability to generate new sales revenue."
Pro Shing's first client is the Venetian Macao Casino Resort ("Venetian"). Pro Shing has secured contracts totaling approximately MOP 60 million (approximately US$7.5 million) for work on specific sections of the Venetian mega-development, including excavation and foundational work, structural construction, and fitting-out work. Pro Shing has also submitted tender bids for additional work on the Venetian project totaling approximately MOP 70 million (approximately US$8.75 million). These tender bids are pending approval, with decisions expected to be rendered by the end of July 2006.
Pro Shing Construction Team Macau Limited is a joint venture company beneficially owned 80% by Tech Team Investment Limited, a wholly owned subsidiary of Global Innovative, and 20% by Proficiency Macau Construction Company Limited, a Macau-based engineering, construction and project management company.
The Venetian Macao Casino Resort is a US$1.8 billion mega-resort replicating the famous architectural canals and icons of Venice, Italy. The Venetian will occupy 10.5 million square feet of space and will serve as the anchor of the COTAI Strip(TM) in Macau. At completion, the luxury resort will feature 3,000 suites, one million square feet of meeting and exhibition space, a 2,000-seat showroom, 850,000 square feet of retail mall space, and a 15,000-seat arena. The property is scheduled to open in early 2007.
Macau is one of the fastest-growing gaming markets in the world. Macau borders Guangdong Province of China, one of the country's wealthiest and most developed regions. Approximately 1 billion people live within a three-hour flight to Macau. Over 18.7 million people visited Macau in 2005, with over 55% coming from China. The COTAI Strip(TM) is a master-planned development of resort casino properties on COTAI, an area of reclaimed land between the islands of Taipa and Coloane in Macau. In addition to the 10,000 guest rooms, the first phase of the COTAI Strip(TM) will offer a critical mass of business, leisure and entertainment attractions, including world class meetings and convention facilities, over 20,000 seats of live entertainment in eight separate theater venues and the most modern and exciting casinos in Asia.
About Global Innovative
Global Innovative Systems Inc. (OTCBB: GBSY) delivers customized energy management solutions, lighting products and innovative lighting solutions. Since 1999, over 100 commercial, industrial, government and multi-residential clients have benefited from Global Innovative's solutions. Through wholly owned subsidiary Tech Team Holdings Limited, Global Innovative provides total energy management products and solutions which optimize energy consumption, lower costs, and enhance competitiveness for clients. Through subsidiary Beijing Illumination (Hong Kong) Limited, Global Innovative manufactures and sells HID (High-Intensity Discharge) lighting products and ultra high-pressure mercury lamps. Through joint venture subsidiary Lightscape Technologies (Macau) Ltd., Global Innovative provides full service lighting design solutions including interior set design and fabrication, computer-controlled special effects, intelligent lighting, laser and multimedia technologies. Our headquarters are in Hong Kong, and we have offices in Singapore, China, Macau and Canada.
Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor" for forward-looking statements. This Press Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Global Innovative's expectations, and Global Innovative expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to, Global Innovative's and Pro Shing's ability to secure sufficient working capital in order to complete the current contract work for the Venetian project; Pro Shing's ability to collect payments receivable under current contracts and potential future contract(s) related to the Venetian project; in the event that Pro Shing's pending tender bid(s) are approved, Pro Shing's ability to sign definitive final sales contract(s) related to the approved tender bid(s) for the Venetian project; in the event that Pro Shing's tender bid(s) are approved, Global Innovative's and Pro Shing's ability to secure sufficient working capital in order to deliver contracted services; Tech Team's current 80% ownership interest in Pro Shing and the resultant sharing of potential contract revenues with its joint venture partner Proficiency; and other factors which may cause the actual results, performance or achievements of Global Innovative to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
Distributed by Filing Services Canada and retransmitted by Market Wire
Source: Marketwire (June 29, 2006 - 10:52 AM EDT)
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